Fair Value (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis

Assets and liabilities measured at fair value by class on a recurring basis are summarized as follows:

(In millions)	December 31, 2021
	Level 1		Level 2		Level 3		Total
ASSETS
Investment securities:
Available-for-sale:
U.S. Treasury, agencies and corporations	$	134	$	22,144	$	—	$	22,278
Municipal securities			1,694				1,694
Other debt securities			76				76
Total Available-for-sale	134		23,914		—		24,048
Trading account	14		358				372
Other noninterest-bearing investments:
Bank-owned life insurance			537				537
Private equity investments 1	35				66		101
Other assets:
Agriculture loan servicing and interest-only strips					12		12
Deferred compensation plan assets	138						138
Derivatives:
Derivatives designated as hedges			10				10
Derivatives not designated as hedges			209				209
Total Assets	$	321	$	25,028	$	78	$	25,427
LIABILITIES
Securities sold, not yet purchased	$	254	$	—	$	—	$	254
Other liabilities:
Derivatives:
Derivatives not designated as hedges			51				51
Total Liabilities	$	254	$	51	$	—	$	305

1 The level 1 PEIs relate to the portion of our SBIC investments that are now publicly traded.

(In millions)	December 31, 2020
	Level 1		Level 2		Level 3		Total
ASSETS
Investment securities:
Available-for-sale:
U.S. Treasury, agencies and corporations	$	192	$	13,944	$	—	$	14,136
Municipal securities			1,420				1,420
Other debt securities			175				175
Total Available-for-sale	192		15,539		—		15,731
Trading account	111		155				266
Other noninterest-bearing investments:
Bank-owned life insurance			532				532
Private equity investments					80		80
Other assets:
Agriculture loan servicing and interest-only strips					16		16
Deferred compensation plan assets	120						120
Derivatives:
Derivatives designated as hedges			3				3
Derivatives not designated as hedges			415				415
Total Assets	$	423	$	16,644	$	96	$	17,163
LIABILITIES
Securities sold, not yet purchased	$	61	$	—	$	—	$	61
Other liabilities:
Derivatives:
Derivatives not designated as hedges			38				38
Total Liabilities	$	61	$	38	$	—	$	99

Schedule of Assets and Liabilities Measured At Fair Value By Class on a Recurring Basis Using Level 3 Inputs

The following schedule presents a rollforward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:

	Level 3 Instruments
	December 31, 2021				December 31, 2020
(In millions)	Private equity investments		Ag loan servicing & interest-only strips		Private equity investments		Ag loan servicing & interest-only strips
Balance at beginning of year	$	80	$	16	$	107	$	18
Unrealized securities gains (losses), net	71		—		(23)		—
Other noninterest income (expense)	—		(3)		—		(1)
Purchases	17		—		10		—
Cost of investments sold	(24)		—		(14)		—
Redemptions and paydowns	—		(1)		—		(1)
Transfers out 1	(78)		—		—		—
Balance at end of year	$	66	$	12	$	80	$	16

1 Represents the transfer of SBIC investments out of Level 3 and into Level 1 because they are now publicly traded.

Schedule of Realized Gain (Loss)

The rollforward of Level 3 instruments includes the following realized gains and losses in the statement of income:

(In millions)	Year Ended December 31,
	2021		2020
Securities gains (losses), net	$	31	$	18

Schedule of Assets With Fair Value Changes on Nonrecurring Basis

Included in the balance sheet amounts are the following amounts of assets that had fair value changes measured on a nonrecurring basis:

(In millions)	Fair value at December 31, 2021								Gains (losses) from fair value changes Year Ended December 31, 2021
	Level 1		Level 2		Level 3		Total
Collateral-dependent loans	$	—	$	2	$	—	$	2	$	(3)

(In millions)	Fair value at December 31, 2020								Gains (losses) from fair value changes Year Ended December 31, 2020
	Level 1		Level 2		Level 3		Total
Private equity investments	$	—	$	—	$	1	$	1	$	(1)
Collateral-dependent loans	—		14		—		14		(14)
Other real estate owned	—		1		—		1		(2)
Total	$	—	$	15	$	1	$	16	$	(17)

Schedule of Carrying Values and Estimated Fair Values of Financial Instruments

Following is a summary of the carrying values and estimated fair values of certain financial instruments:

	December 31, 2021					December 31, 2020
(In millions)	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Financial assets:
Held-to-maturity investment securities	$	441	$	443	2	$	636	$	640	2
Loans and leases (including loans held for sale), net of allowance	50,421		50,619		3	52,780		53,221		3
Financial liabilities:
Time deposits	1,622		1,624		2	2,588		2,603		2
Long-term debt	1,012		1,034		2	1,336		1,346		2